Summary by Futu AI
Cenntro reported significant revenue growth for Q2 2024, with net revenues increasing 96.4% to $8.3 million compared to $4.2 million in Q2 2023. Vehicle sales rose to $7.1 million, driven by improved sales volume and higher average selling prices from $18,581 to $27,827 per unit. The company sold 255 ECVs during the quarter across multiple models, with strong performance in the North American market generating $4.9 million in revenues.Operating expenses decreased substantially, with selling and marketing expenses down 52.4% to $1.3 million, general and administrative expenses reduced by 17.6% to $7.7 million, and R&D expenses declining 49.2% to $1.1 million. The net loss narrowed to $9.2 million from $14.1 million in Q2 2023, reflecting improved operational efficiency and cost control measures.As of June 30, 2024, Cenntro maintained a solid financial position with $16.2 million in cash and cash equivalents, $7.9 million in accounts receivable, and $41.3 million in inventory. The company continues to focus on strengthening its existing market developments and improving operational efficiency, while expanding its product lineup and geographic presence in key markets.
